Search found 157 matches

by gsmith
Wed Dec 13, 2017 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: S-Corp 2553 vs Start a new S-Corp
Replies: 3
Views: 268

Re: S-Corp 2553 vs Start a new S-Corp

You probably will need to ask your CPA/attorney these questions.... Both an LLC and a Corporation can elect for Subchapter S status, so it's not clear what the existing entity is. That said: It takes ~30 minutes, and a couple hundred to start a new LLC and elect to have it taxed as a S-corp, Probabl...
by gsmith
Mon Nov 20, 2017 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Merrill Lynch wants personal info--How to deal
Replies: 33
Views: 3317

Re: Merrill Lynch wants personal info--How to deal

Merrill is probably gathering info to comply with the know your customer/suitability rules. http://www.finra.org/investors/suitability-what-investors-need-know I’d read “to better serve you” to mean “so I can try to sell you our high fee financial products.” :D Did your MIl have a full service brok...
by gsmith
Mon Nov 20, 2017 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Merrill Lynch wants personal info--How to deal
Replies: 33
Views: 3317

Re: Merrill Lynch wants personal info--How to deal

Bank of America/ML has a compliance department that will make the next months/years of your life a living hell if you don't give them the information they want in the form they want it. In an extreme example, if you give them any false information that ML uses to make a decision about you, you could...
by gsmith
Sun Nov 19, 2017 6:55 am
Forum: Personal Finance (Not Investing)
Topic: Southeast Asia trip - Cash handling
Replies: 19
Views: 1350

Re: Southeast Asia trip - Cash handling

One piece of advice about Hotel Safes is don't use them for more then small amounts of money. I forgot the combo for the safe in my room.... Rather then an embarrassing call, it took 30 seconds after watching a 3 minute video on youtube to open the safe. I think going to the ATM and getting a small ...
by gsmith
Fri Nov 17, 2017 10:49 am
Forum: Investing - Help with Personal Investments
Topic: Is it a bad idea to invest several times a month?
Replies: 13
Views: 1297

Re: Is it a bad idea to invest several times a month?

Speaking first hand, I don't think the calculations will be more then an annoyance. Calculating individual stock split cost basis is far worse. However, if your budget is so tight, you might have to dip in to meet expenses or it lowers your quality of life significantly, I would reconsider. You can ...
by gsmith
Mon Nov 06, 2017 5:28 pm
Forum: Investing - Help with Personal Investments
Topic: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]
Replies: 27
Views: 4921

Re: A Friend Asked Me - Ponzi or Not? [1st position commercial mortgage notes]

I would upvote Meg77 as the person who's most accurate. While it's not a obvious scam, it's not something I would recommend to anyone but a high net worth investor. You need economies of scale, specialized knowledge, and enough to be diversified in order for these to make sense. - A ponzi would only...
by gsmith
Mon Oct 23, 2017 1:19 am
Forum: Personal Finance (Not Investing)
Topic: Pay Mother's Assisted Living Costs instead of selling her condo, since I'm the beneficiary?
Replies: 6
Views: 1073

Re: Pay Mother's Assisted Living Costs instead of selling her condo, since I'm the beneficiary?

As others have mentioned, you will have all the expenses of a 2nd home as an ongoing basis: - Condo Assn - Property Taxes - Inability to get insurance for vacant home - Gas/Electric (enough for winterizing) Because it's a condo, it is unlikely the condo association will let you rent it out if other ...
by gsmith
Wed Oct 18, 2017 3:35 am
Forum: Investing - Theory, News & General
Topic: The overselling of international diversification
Replies: 56
Views: 5208

Re: The overselling of international diversification

Let's say I was a domestic Boglehead, who was sold on tax efficient investing, and minimum expenses. Can someone make the case for international? I imagine the "efficient market theory" that BH depends on doesn't apply internationally, especially to developing countries where transparency, rule of l...
by gsmith
Wed Oct 18, 2017 2:23 am
Forum: Personal Finance (Not Investing)
Topic: Help Me Think About Roth Conversions and Retirement?
Replies: 17
Views: 1841

Re: Help Me Think About Roth Conversions and Retirement?

Two random thoughts: The earnings of conversions take time to overcome the initial tax penalty, especially if you're indexing. When I was considering a conversion I ran 3 scnarios 1. Keep everything in a Traditional IRA, and do RMDs based on tax rates including SS income, proceeds to buy and hold in...
by gsmith
Sat Sep 09, 2017 12:11 am
Forum: Personal Finance (Not Investing)
Topic: Guaranteed 7% Real Estate Deal: Pull from Stock Market?
Replies: 36
Views: 4110

Re: Guaranteed 7% Real Estate Deal: Pull from Stock Market?

First post here, but wanted to jump in since I am in the institutional RE business. These types of deals have lots of risk which need to be understood. If this is a leveraged deal and you are in the equity, ie behind the construction loan, 7% in no way compensates you for the risk you are taking. T...
by gsmith
Fri Sep 08, 2017 3:04 am
Forum: Personal Consumer Issues
Topic: Places to see in Chicago
Replies: 45
Views: 3222

Re: Places to see in Chicago

I second the Palmer House if you go to the Art Institute, at least for drink in the lounge... Lincoln Park Zoo, Chicago Pizza & Oven Grinder is across the street from St. Val day massacre garage (make sure to get there when they open). If your're into Capone, I'd try the Chicago History Museum. They...
by gsmith
Fri Sep 08, 2017 2:01 am
Forum: Personal Finance (Not Investing)
Topic: Guaranteed 7% Real Estate Deal: Pull from Stock Market?
Replies: 36
Views: 4110

Re: Guaranteed 7% Real Estate Deal: Pull from Stock Market?

I would be suspecious. You should ask yourself, a couple questions: 1. What do you provide to the deal, or are you just dumb money? The money you're offering is really "cheap", as hard money lenders typically ask for 10-12 percent, with the first born child as collateral, because they are pricing in...
by gsmith
Mon Jun 20, 2016 12:48 am
Forum: Investing - Help with Personal Investments
Topic: Inherited Traditional 401k into Roth IRA
Replies: 19
Views: 2356

Inherited Traditional 401k into Roth IRA

So I wanted to share some advise I wish I knew.... I got bad advice from a FA, they said that whatever I do, I should rollover a loved one's 401k into a traditional IRA, even if it's not with their firm... There are two things I wish I knew about before following the FA's advice, that could had save...
by gsmith
Mon May 02, 2016 12:19 am
Forum: Investing - Help with Personal Investments
Topic: Real Experiences with Indexed Universal Life
Replies: 3
Views: 819

Re: Real Experiences with Indexed Universal Life

Show her this this chart and then ask the insurance salesman if the indexes exclude dividends: (The answer will be yes)
Image
by gsmith
Mon May 02, 2016 12:03 am
Forum: Personal Finance (Not Investing)
Topic: Potential Employer was excited to hire me! Then silence... What did I do?
Replies: 60
Views: 7685

Re: Potential Employer was excited to hire me! Then silence... What did I do?

I hate to say it, but public sector employment is different from private sector. - It could be that her education level was too high, and they don't have the budget for her level. - It could be there was some qualification she didn't have, but another hire had. - It could be they needed a minority h...
by gsmith
Sun May 01, 2016 10:29 pm
Forum: Investing - Help with Personal Investments
Topic: Problems with EJ (Is anyone surprised?) [Edward Jones]
Replies: 13
Views: 2231

Re: Problems with EJ (Is anyone surprised?)

Hi Sue, I read your post, and have empathy with your story about Edward Jones. The fortunate thing is that there's assets, which is a better position then 50% of Americans. While EJ took their cut, you at least have some left. It sounds like you're the type of client that needs reassurance, so I'm n...
by gsmith
Wed Apr 27, 2016 8:16 am
Forum: Personal Finance (Not Investing)
Topic: I Hate My Job: Politics at Work (Advice Needed)
Replies: 108
Views: 14987

Re: I Hate My Job: Politics at Work (Advice Needed)

So I'm going to provide advice from a different angle... Focus on having a enlightened self interest, how to maximize your happiness. No one will disagree with you private business is dysfunctional, and that life is unfair. You just have to decide who's rules you're going to play by. You don't seem ...
by gsmith
Tue Apr 05, 2016 3:35 pm
Forum: Investing - Help with Personal Investments
Topic: Questions re: types of IRAs and RMDs.
Replies: 12
Views: 877

Re: Questions re: types of IRAs and RMDs.

The penalty for messing up the RMD calculation is 50% of what you should have taken, so the brokers will make sure that you promise the money was taken out of another IRA they can't see. Too easy to mess up. I'd double check and make sure the numbers don't work for a Roth IRA conversion, as they req...
by gsmith
Mon Apr 04, 2016 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Selling home, how to pay for whatever is needed to pass inspection.
Replies: 14
Views: 1322

Re: Selling home, how to pay for whatever is needed to pass inspection.

Having read more from the buyers perspective, they typically don't want the work done, as they want to make sure the job is done right, and not something ticked off a checklist. You'll negotiate a credit at closing that will be 50-70% of what the actual cost of the work needed is. Add cosmetic stuff...
by gsmith
Mon Apr 04, 2016 7:47 pm
Forum: Investing - Help with Personal Investments
Topic: Help - opening my first IRA ASAP and super confused!
Replies: 4
Views: 412

Re: Help - opening my first IRA ASAP and super confused!

TD Ameritrade is a broker, it will allow you to buy anything publicly traded, (stocks, bonds, ETFs, mutual funds) Vanguard has a brokerage arm too, but they're known for their mutual funds that they sell. Choose the broker that has free trades in whatever fund family you decided to choose from. The ...
by gsmith
Mon Apr 04, 2016 12:52 am
Forum: Personal Finance (Not Investing)
Topic: becoming self employed after working in a Mega Corporation
Replies: 1
Views: 391

Re: becoming self employed after working in a Mega Corporation

Worked in IT for several years for SMBs. Was a W-2 for 7 years, before they turned left when I took a right. Many of my coworkers had families and were living from paycheck to paycheck and couldn't afford my escape route, but I was burned out. It was difficult for me, as much of my identity and succ...
by gsmith
Tue Nov 17, 2015 12:57 am
Forum: Personal Finance (Not Investing)
Topic: Meeting with an attorney tomorrow for a will - what should I ask?
Replies: 15
Views: 2386

Re: Meeting with an attorney tomorrow for a will - what should I ask?

Put yourself in the executor/trustee's shoes. He will want to close the estate as fast as possible before the emotions flair up, and people start fighting over who was loved more. In the interest of being "fair", they will sell everything and split up the proceeds, so that emotionally valu...
by gsmith
Mon Nov 16, 2015 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Risk Mitigation ideas needed when SS# was emailed
Replies: 9
Views: 827

Re: Risk Mitigation ideas needed when SS# was emailed

While you can try to protect them all you want, unfortunately SS#s leak all over the place. - There was some army document that listed the SSNs online of every discharged soldier. - Until the last decade, SSNs were on your drivers licence. - SSNs were used on property sales all the time; A very famo...
by gsmith
Mon Nov 16, 2015 3:05 am
Forum: Investing - Help with Personal Investments
Topic: Looking for advice for end state for trust account and extricating myself from current investments
Replies: 19
Views: 1564

Re: Looking for advice for end state for trust account and extricating myself from current investments

dbr answered beautifully, but some quick comments. The process of transferring from one broker to another is called ACATS . From what I'm told, it's very straight forward, so long as the securities are marketable. I would consider selling any loaded mutual funds before attempting the transfer if the...
by gsmith
Mon Nov 16, 2015 2:42 am
Forum: Investing - Help with Personal Investments
Topic: TaxabIe Inheritance
Replies: 10
Views: 1875

Re: TaxabIe Inheritance

I apologize, but I didn't catch were you said whether these investments were made before or after the inheritance. If they were made before the inheritence, there may be a " stepped up cost basis " rule that went into effect. If this is the case, you should also ask whether there was a &qu...
by gsmith
Mon Nov 16, 2015 2:13 am
Forum: Personal Consumer Issues
Topic: Medical alert system for Mom (90)
Replies: 5
Views: 887

Re: Medical alert system for Mom (90)

We purchased the Vtech SN6197 from Amazon for ~$107. Essentially it's a cordless phone system with a pendent attached, so it's as reliable as the landline, and no monitoring fees. On the front of the pendent, it has a "answer" button, so she can pick up calls, and on the back, it has a 1+2...
by gsmith
Fri Jan 17, 2014 2:17 am
Forum: Personal Finance (Not Investing)
Topic: savings accounts offering 4%+????
Replies: 3
Views: 1325

Re: savings accounts offering 4%+????

Are you talking about Reward Checking Accounts? - FDIC Insured - Earns 3% - Requires so many debit transactions/months The companies that subsidize A CD interest rate to sell you annuities need to be local, so they can be in the same room and give you the high pressure sales pitch. Do you really wa...
by gsmith
Wed Jan 15, 2014 11:35 pm
Forum: Investing - Help with Personal Investments
Topic: When to take RMD
Replies: 20
Views: 1946

Re: When to take RMD

If I understand the question, it's about tax minimization strategy. - Your RMD is calculated based on the IRA's value at the previous year's end. - You would rather be taxed on appreciation at capital gains rate in a taxable account instead of ordinary income inside an IRA. - You are speculating the...
by gsmith
Sat Jan 11, 2014 4:06 am
Forum: Personal Finance (Not Investing)
Topic: My dad goofed on his 2013 RMD. Cashed check in 2014.
Replies: 15
Views: 2786

Re: My dad goofed on his 2013 RMD. Cashed check in 2014.

I tend to think that you need to deposit in 2013 because someone could, in theory, never cash the check and continue "earn" on the RMD amount; that would defeat the purpose of RMDs. The distribution is more like a cashier's check, and often the check is for a lower amount due to tax withh...
by gsmith
Thu Jan 09, 2014 3:13 am
Forum: Investing - Help with Personal Investments
Topic: Windfall advice, please
Replies: 19
Views: 2978

Re: Windfall advice, please

Good day, Bogleheads! Relatively recently, a family member passed away, resulting in my inheriting a good chunk of poorly-diversified stock through Edward Jones, ballpark of $600,000 (four companies, all tech); as well as some cash and a 1/3 ownership in a small real-estate LLC. My EJ advisor is pu...
by gsmith
Wed Jan 08, 2014 6:56 pm
Forum: Personal Consumer Issues
Topic: Would installing a French Drain (interior) be a good invest
Replies: 50
Views: 21573

Re: Would installing a French Drain (interior) be a good inv

The first barrier is injecting the crack with foam/drylok to seal the wall. The story makes sense if they filled a crack with drylok, and the gravity and water found the next weakest spot. Drain Tile has to do with water that has already gotten through the wall and is on the floor, as a second barri...
by gsmith
Wed Jan 08, 2014 5:17 am
Forum: Personal Consumer Issues
Topic: Would installing a French Drain (interior) be a good invest
Replies: 50
Views: 21573

Re: Would installing a French Drain (interior) be a good inv

I noticed after this last few days of heavy rain/snow, that the blistering/bubbling of the paint/stain on the floor is chipping where they cut the floor. I guess I am just seeing if they are really telling me the truth in saying that it is common and that drylok will be fine. The worst part of the ...
by gsmith
Tue Jan 07, 2014 5:28 pm
Forum: Personal Consumer Issues
Topic: Would installing a French Drain (interior) be a good invest
Replies: 50
Views: 21573

Re: Would installing a French Drain (interior) be a good inv

The Efflorescence is essentially salt from moisture.. It just indicated you had a water issue. The issue is water pressure... water will build up, until it finds an opening. It's extremely common for someone who fills a crack to find water entering nearby. That's why people will suggest french drain...
by gsmith
Sat Dec 28, 2013 11:54 pm
Forum: Personal Consumer Issues
Topic: Films on finance to influence family and friends
Replies: 61
Views: 3844

Re: Films on finance to influence family and friends

Thank you for the recommendation. I shall test it on myself. Do I really need to fly? I felt it appropriate to disclose any bias of being a captured audience for 8 hours in an aluminum tube filled with people and blades spinning from fire on both sides. I watched it later, and it was still entertai...
by gsmith
Sat Dec 28, 2013 11:39 pm
Forum: Personal Consumer Issues
Topic: Films on finance to influence family and friends
Replies: 61
Views: 3844

Re: Films on finance to influence family and friends

Victoria, I really wanted to recommend "In Time".. It's a Sci-Fi movie staring Justin Timberlake, which is why I didn't watch it until I was on an airplane, but it was very well done, and JT will attract other audiences.. It uses this fascinating metaphor where everyone has a set amount of...
by gsmith
Fri Dec 27, 2013 6:11 pm
Forum: Personal Consumer Issues
Topic: Just returned new laptop with Window 8.1
Replies: 104
Views: 12107

Re: Just returned new laptop with Window 8.1

So what can you do with Windows 8, that you can't do with Windows 7, or for that matter Windows XP ? We have a "business rule" at my company that requires a significant increase in capability to justify the cost and risk of a software upgrade. ... it's amazing how few upgrades can be just...
by gsmith
Fri Dec 27, 2013 5:50 pm
Forum: Personal Consumer Issues
Topic: Just returned new laptop with Window 8.1
Replies: 104
Views: 12107

Re: Just returned new laptop with Window 8.1

I don't want to veer too far into the rules against speculation. It's a fact that the Windows 8 the experience is much better if you are on a touchscreen, and the market share is minimal. They have announced they are dropping support for Windows RT, which was Windows 8 for ARM, and they will have a ...
by gsmith
Fri Dec 27, 2013 3:38 am
Forum: Personal Consumer Issues
Topic: Just returned new laptop with Window 8.1
Replies: 104
Views: 12107

Re: Just returned new laptop with Window 8.1

Just to explain what the "personal" and "business" bit is... Virtually no (sane) businesses runs Windows 8. Overall it has less then 10% marketshare , and the software they use for faxing and accounting just will not be certified to work with that small a share. Also, the costs o...
by gsmith
Mon Dec 16, 2013 6:40 am
Forum: Investing - Help with Personal Investments
Topic: 401k terminated with no notice
Replies: 20
Views: 3439

Re: 401k terminated with no notice

There could be a couple things happening.... 1. The employer is terminating the plan, and creating a new plan with a new trustee... say from Vanguard to say Mass Mutual. Unfortunately other then resigning and doing a rollover, I believe you will be forced into the new trustee, and any fees they arra...
by gsmith
Sat Dec 07, 2013 4:26 pm
Forum: Personal Consumer Issues
Topic: Could use some help with cheap gaming computer
Replies: 43
Views: 2455

Re: Could use some help with cheap gaming compture

To answer the question... the graphics card on the HP @ Best Buy, while horrid, will be slightly better.

I honestly, would buy a inexpensive but good PC on sale, and put a $100-$200 graphics card inside it.
Those PCs you linked to are luke-warm at best.
by gsmith
Sat Dec 07, 2013 4:18 pm
Forum: Personal Consumer Issues
Topic: Could use some help with cheap gaming computer
Replies: 43
Views: 2455

Re: Could use some help with cheap gaming compture

The advantage desktops have over laptops is that the parts are more interchangeable. I haven't been in the market for a gaming PC the last few years, but my advice is to pick up a cheap PC and put in an aftermarket video card. Games tend to stress out all the hardware to it's maximum. They are the m...
by gsmith
Fri Feb 01, 2013 2:29 am
Forum: Investing - Help with Personal Investments
Topic: creditor protection, 401k vs Roth/TIRA
Replies: 3
Views: 495

Re: creditor protection, 401k vs Roth/TIRA

There are a lot of finance articles that spell it out in laymen's terms, but I too was looking for a legal article to reference: Through google, I found what appears to be a lawyer's guide on the topic: http://www.shefskylaw.com/66BE91/assets/files/Documents/Retirement%20Plans%20and%20Creditor%20Pro...
by gsmith
Thu Jan 31, 2013 1:37 am
Forum: Local Chapters and Bogleheads Community
Topic: Chicago chapter meeting
Replies: 60
Views: 8339

Re: Chicago chapter meeting

As much as I hate "me too" posts, I'd be interested in attending as well.

Thanks!
by gsmith
Wed Aug 15, 2012 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Have you received new 401K fee disclosures at your company?
Replies: 33
Views: 3728

Re: Have you received new 401K fee disclosures at your compa

We just got ours.... I believe we're in the 2MM range of assets. Asset-Based Fees. The annual Investment Management Fee, which is determined based on the aggregate amount of the Plan assets and is charged to your account pro-rata, will be approximately 0.70% of your account balance. Note that this i...
by gsmith
Sun Jun 03, 2012 3:58 pm
Forum: Investing - Help with Personal Investments
Topic: MDOR bankruptcy, total loss, and what to do now
Replies: 9
Views: 1555

Re: MDOR bankruptcy, total loss, and what to do now

In a bankruptcy, there's an priority of creditors: IRS Employee Wages Secured Creditors Unsecured Creditors Preferred Stockholders Common Stockholders (You) If there's no money left, the next tier gets nothing. You're entitled to whatever's left over, which is very speculative. Chances you'll get a ...
by gsmith
Sat Mar 31, 2012 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: schedule K-1 for UGL-ProShares Ultra Gold (ETF)
Replies: 26
Views: 3366

Re: schedule K-1 for UGL-ProShares Ultra Gold (ETF)

If you want Gold that bad, consider GLD. No K-1. Why do you say that? My understanding is that if it's in an IRA I can pretty much put the K-1 form into a shredder as soon as it comes in the mail. http://www.taxalmanac.org/index.php/Discussion:K1_held_in_an_IRA_account http://en.wikipedia.org/wiki/...
by gsmith
Wed Mar 14, 2012 12:51 am
Forum: Investing - Help with Personal Investments
Topic: After tax contributions to a 401k
Replies: 75
Views: 7020

Re: After tax contributions to a 401k

The document you should ask for is the "Summary Plan Document", and possibly the Organizing Documents themselves. At the company I work for, HR has a binder for 401k audits with checkmark boxes describing the various restrictions they chose to place on funds. In our case, adding after-tax+...
by gsmith
Tue Feb 14, 2012 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab gets later with 1099s every year
Replies: 12
Views: 2360

Re: Schwab gets later with 1099s every year

This being my first year at Schwab, does anyone find their substitute 1099-B confusing? I spent 15 min on the phone, asking where is the information for 6b (basis reported to IRS) only to be told that it was likely ticked if I purchased the security in 2011. I realize they want me to use Turbo-Tax t...
by gsmith
Tue Feb 14, 2012 10:13 pm
Forum: Investing - Help with Personal Investments
Topic: After tax contributions to a 401k
Replies: 75
Views: 7020

Re: After tax contributions to a 401k

Thanks Brian. Are there ever instances for young investors (I'm 30) when this may not be the preferred approach, instead of investing the money in a taxable account? I understand that by moving more work earnings into the Roth (through the rollover) the money won't be accessible for years to come. ...
by gsmith
Tue Feb 14, 2012 9:11 am
Forum: Investing - Help with Personal Investments
Topic: Lifecycle Investing Leverage Strategy Using LEAPS - How To?
Replies: 136
Views: 14312

Re: Lifecycle Investing Leverage Strategy Using LEAPS - How

grok87 wrote:sounds good- can one do this at fidelity?

These are index options, so I imagine they should, just run an option chain on $SPXPM